EDB provides $20-million renewable credit line to Armenia’s Ardshinbank for trade financing

28.06.2017 22:20
EDB provides $20-million renewable credit line to Armenia’s Ardshinbank for trade financing

YEREVAN, June 28. /ARKA/. The Eurasian Development Bank has provided a $20-million renewable credit line to Armenia’s Ardshinbank CJSC for trade financing.

An appropriate agreement was signed Wednesday by Dmitry Ladikov-Roev, EDB Managing Director for Assets and Liabilities and Mher Grigoryan, Chairman of Ardshinbank’s Board.

The EDB press office says that the credit line is provided for three years.

These financial resources are intended for financing foreign trade transactions of Ardshinbank’s clients in the EDB member countries.

The money will be used for financing export-import transactions among the EADB member countries.

The financing can be provided in US dollars, euros, Russian rubles or the national currency of any member country.

Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.

Anti-crisis Fund was established by the same states on 9 June 2009. Its goal is to support the member states in their efforts to recover from the global financial crisis shocks and ensure their financial sustainability and economic progress. EDB is authorized to manage the Fund’s means.

Ardshinbank CJSC (Ardshininvestbank before renamed Ardshinbank on November 13, 2014) was registered in February 2003. Ardshinbank has 64 branches, one of the largest branch networks in the country.

Ardshinbank is the only private entity in Armenia to have Moody’s and Fitch ratings equal to
Sovereign. -0---

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